CALIFORNIA INDEPENDENT SYSTEM OPER… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1997

Legal Domicile

Principal Officer

ELLIOT MAINZER

Phone

9163514400

Tax Period

2024-01-01 to 2024-12-31

CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION, founded in 1997, is a major nonprofit in the Public & Societal Benefit sector that reported $285.9M in total revenue in fiscal year 2024.

Mission

TO ENSURE EFFICIENT USE AND RELIABLE OPERATION OF THE ELECTRIC TRANSMISSION GRID OPERATED BY THE CALIFORNIA ISO, CONSISTENT WITH THE CALIFORNIA PUBLIC UTILITY CODE, CHAPTER 2.3 PART 1, DIVISION 1. (CONTINUED ON SCHEDULE O.)THE ISO DOES NOT OWN TRANSMISSION FACILITIES, BUT IT CONTROLS THE OPERATION OF A NETWORK OF TRANSMISSION FACILITIES LOCATED THROUGHOUT MOST OF CALIFORNIA, AND ALSO CERTAIN TRANSMISSION FACILITIES LOCATED IN NEVADA, THE OWNERS OF WHICH HAVE TRANSFERRED OPERATIONAL CONTROL TO THE CALIFORNIA ISO. FOR THE BENEFIT OF OUR CUSTOMERS, WE:- OPERATE THE GRID RELIABLY AND EFFICIENTLY;- PROVIDE FAIR AND OPEN TRANSMISSION ACCESS;- PROMOTE ENVIRONMENTAL STEWARDSHIP; AND- FACILITATE EFFECTIVE MARKETS AND PROMOTE INFRASTRUCTURE DEVELOPMENT, ALL THROUGH THE PROVISION OF TIMELY AND ACCURATE INFORMATION.

Program Service Accomplishments

Program 1

Expenses: $261,286,939 Revenue: $272,236,552

THE ORGANIZATION SERVES AS THE SYSTEM OPERATOR OF AN INTEGRATED STATEWIDE ELECTRICITY TRANSMISSION GRID.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $272,216,015

Investment Income $13,705,254

Other Revenue $20,537

TOTAL REVENUE $285,941,806

Expense Breakdown

Grants Paid $0

Salaries & Benefits $188,924,516

Fundraising Expenses $0

Program Expenses $261,286,939

Other Expenses $103,838,963

TOTAL EXPENSES $292,763,479

Year-over-Year Comparison

	2024	2023	Change
Revenue	$285,941,806	$272,540,764	+0.0%
Expenses	$292,763,479	$277,699,154	+0.1%
Net Income	$-6,821,673	$-5,158,390	+0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

788

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$12,079,504

Total Directors

$450,000

Key Employees

$1,029,557

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANGELINA GALITEVA	BOARD OF GOVERNORS	8.00	Director	$93,000	$0	$93,000
MARY LESLIE	BOARD OF GOVERNORS	8.00	Director	$92,500	$0	$92,500
JOSEPH ETO	VICE CHAIR	8.00	Director	$91,500	$0	$91,500
SEVERIN BORENSTEIN	CHAIR	8.00	Director	$89,500	$0	$89,500
JAN SCHORI	BOARD OF GOVERNORS	8.00	Director	$83,500	$0	$83,500
ELLIOTT MAINZER	PRESIDENT & CEO	40.00	Officer	$2,088,685	$220,025	$2,308,710
KHALED ABDUL-RAHMAN	VP, POWER SYSTEMS & MKT TECHNOLOGY	40.00	Officer	$721,409	$131,540	$852,949
ROGER COLLANTON	VP, GEN. CNSL. & CHIEF COMP. OFF.	40.00	Officer	$900,539	$153,819	$1,054,358
STACEY CROWLEY	VP, EXTERNAL AFFAIRS	40.00	Officer	$805,977	$122,204	$928,181
ANNA MCKENNA	VP, MARKET DESIGN & ANALYSIS	40.00	Officer	$786,029	$140,615	$926,644
NEIL MILLAR	VP, INFRASTRUCTURE & OPS PLANNING	40.00	Officer	$815,105	$104,067	$919,172
MARK ROTHLEDER	SR VP & CHIEF OPERATING OFF.	40.00	Officer	$1,486,414	$203,465	$1,689,879
RYAN SEGHESIO	VP, CHIEF FINANCIAL OFF. & TREASURER	40.00	Officer	$859,314	$140,325	$999,639
JOANNE SERINA	VP, STAKEHOLDER ENGAGEMENT	40.00	Officer	$590,279	$113,947	$704,226
DEDE SUBAKTI	VP, SYSTEM OPERATIONS	40.00	Officer	$656,944	$118,116	$775,060
JODI ZIEMATHIS	VP, HUMAN RESOURCES	40.00	Officer	$779,475	$141,211	$920,686
HUGO FRECH	EXEC DIR., IT IFS. ARC. & INFO SEC.	40.00	Key Emp	$415,874	$64,056	$479,930
ERIC HILDEBRANDT	EXEC. DIR., MARKET MONITORING	40.00	Key Emp	$467,091	$82,536	$549,627
JOHN ANDERS	DEPUTY GEN. CNSL. - DEVELOPMENT	40.00	Highest	$491,857	$95,319	$587,176
JOE BINSTEIN	MANAGER, BALANCING AUTHORITY OPERATIONS	40.00	Highest	$415,671	$73,306	$488,977
BURTON GROSS	DEPUTY GEN. CNSL. - LEGAL	40.00	Highest	$504,389	$84,825	$589,214
JOHN PHIPPS	EXECUTIVE DIRECTOR OF GRID OPERATIONS	40.00	Highest	$426,323	$78,315	$504,638
ANDREW ULMER	ASSISTANT GEN. CNSL. - FED REG & MKT	40.00	Highest	$433,352	$88,315	$521,667

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$285,941,806	$292,763,479	$1,523,256,943	$-6,821,673
2023	$272,540,764	$277,699,154	$1,459,997,265	$-5,158,390
2022	$255,713,716	$250,885,967	$1,587,900,049	$4,827,749
2021	$249,597,089	$229,434,464	$1,094,263,808	$20,162,625
2020	$249,838,855	$224,279,628	$951,583,530	$25,559,227
2019	$229,176,886	$213,615,259	$848,713,736	$15,561,627
2018	$228,194,347	$221,993,868	$763,020,969	$6,200,479

CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION